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An Empirical Research between Scale&Efficiency of Internal Capital Markets and the Growth of Enterprise Group

Author: XuZuo
Tutor: WangFengJuan
School: Beijing Technology and Business University
Course: Financial Management
Keywords: scale of ICM efficiency of ICM enterprise group growth
CLC: F276.4
Type: Master's thesis
Year: 2013
Downloads: 16
Quote: 0
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Abstract


Since the1980s, China has been in a transition stage from the planned economy tothe market economy. The capital controlled by the government under the plannedeconomy. And it is difficult for the state-owned enterprises to link. Therefore, in order toimprove the level of social productive forces, the government has promoted the unionbetween the state-owned enterprises. In the process of "crossing the river by feeling thestones","Enterprise Group" concept was introduced. Under the combined effect ofgovernment policies and market-oriented, state-owned enterprises produced a number ofenterprise groups at different levels. It has become the core strength of the economy.Government always regarded the development of enterprise groups as an importanteconomic policy. Government gradually transferred Enterprise Group by looserelationship to administrative or economic exchanges between the Commonwealths to aclose one, the property rights-based Commonwealth. With the economic development ofthe society, more and more private capital start to enter the market and become one ofthe important force in promoting the national economy. Enterprise Group not only as anadvanced form of organization, but also gradually becomes the mainstream of enterprisegroups in the market in the social development. People have a lot of analysis anddiscussion of the causes of the Enterprise Group, but very few studies on the growth ofenterprise groups.This article analysis the difference between the form of organization,the market andthe enterprise group. And discus the internal capital market as the most importantmechanism of the growth of the enterprise group. By collecting83domestic H-sharelisted companies from2006-2011data of326samples, and use the large sample empiricaltest gets the following conclusions:(1) the growth of the Group improved by increasingof the scale of internal capital market, but exceed some degree, this scale will reduce thegrowth of the enterprise group;(2) the higher the efficiency of the internal capital market,the better the growth of the enterprise group. Based on the above findings, put forwardfour proposals: firstly, recognize the shadow banking, opening up private capital;Second, make full use of the internal capital market to optimize the group structure;thirdly, government and enterprises need to separate; fourthly, unity the national statisticsand international standards.

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CLC: > Economic > Economic planning and management > Enterprise economy > A variety of enterprise and economic > Joint enterprise economy
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